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Despite potential claims stretching into the billions, the events are not expected to shift the dial on pricing.
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Reinsurers are tightening their grip on certain specialty lines to make sure they remain profitable, say senior executives participating in our virtual roundtable.
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The new broking president added that hundreds of Marsh staff would not show up tomorrow at WTW.
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This publication has reported several exits from the carrier’s Lloyd’s operation.
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The specialty treaty market is preparing to deal with the fallout from the Baltimore bridge disaster.
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The broker said another strong year would drive pressure for “reasonably significant rate reductions” next year.
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The bridge disaster added 6.3pts points to the company’s overall CoR in Q1.
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He joins from Odyssey Re, where he was treaty underwriting VP.
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Former pricing actuary Chris Chandriotis will lead the team.
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Carriers have been dealing with elevated storm activity this year, whilst additional purchases to match inflating values had largely been parked in 2023.
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Sources previously told this publication there is up $15bn of exposure on-risk locally.
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The contingency market is monitoring the war between Israel and Hamas for potential loss activity, as well as keeping track on whether it has wider global implications for events, sources told this publication.